Jales Gralheira
| Currently, M&I resources of 102,000 ounces of gold and 447,000 ounces of silver. PTQ states that another 12,000 meters of drilling has been completed but says more needed. Wonder if the additional drilling has moved anything additional into the M&I catagory. 102,000 ounces of gold probably won't excite too many lenders
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - Galena International Resources Ltd. (the "Company") (TSX VENTURE:GTO) is pleased to provide the following update regarding the drilling program recently completed on the Jales/Gralheira Gold Property (the "Property") in Portugal. | |
Kernow Resources & Developments, (newly amalgamated and acquired by Galena) recently completed a four hole drilling program for 860 meters. The holes were completed in December 2009 and January 2010. Results of the sampling of each of the four holes have now been received. Completion of these holes now brings the total number of holes drilled on the Gralheira vein system to 131. The 42 holes drilled by Kernow are in addition to the 50 holes drilled by RTZ (Rio Tinto Zinc) 3 holes drilled by the Tellis/Kernow JV and the 36 holes drilled by COGEMA (Compagnie Générale des Matières Nucléaires of France). All of the recent holes were drilled at the Western end of the Central Zone.
All of the holes intersected several gold-bearing structures that are inline with other holes drilled in the Central area. The more significant results are shown in the table below and include results from Hole
KMP 42 where an intersection returned 8.54 g/t gold and 68.5 g/t silver over 2.55 metres. This included an assay of 27.44 g/t gold and 76.0 g/t silver across 0.60 metres. The true width of the 2.55 metres intercept is approximately 2.0 metres. This intersection noted in Hole KMP 42 is 90 meters vertically above an intersection in Hole GRA 26 that returned assays of 9.72 g/t gold over 7.4 metres (no silver assays are available from the GRA series of holes). The true width of the GRA 26 intersection is 3.92 metres.
KMP 41 intersected gold mineralisation in several zones through out the hole the strongest being 4.13 g/t gold across a core interval of 2.25 metres (a true width of approximately 1.8 metres). This section included a 0.40 m section that assayed 22.22 g/t gold and 102.1 g/t silver.
KMP 40 intersected gold mineralisation in 4 separate zones. The strongest zone being from 197.60 metres to 207.60, a core interval of 10.00 meters (A true width of approximately 5.5 metres). Assays from this section returned 1.54 g/t gold and 8.47 g/t silver. over the 10 metre interval. This section included two veins of 0.40 metres each separated by 4.65 metres of lightly mineralised rock that assayed 16.4 g/t gold and 40.10 g/t silver in the upper portion and 7.1 g/t gold and 62.4 g/t gold in the lower portion.
KMP 39 intersected gold mineralisation in 4 distinct zones corresponding to the vein designations previously applied as FA, F1, F2, and F3. Gold mineralisation was strongest in F3 recording 3.77 g/t gold and 81.1 g/t silver over 0.40 meters. Broader bands of mineralisation were recorded further down the hole as per the following table:
| Hole | From | To | Core | Gold | Silver |
| | (metres) | (metres) | Interval | (grams per | (grams per |
| | | | (metres) | tonne) | tonne) |
| KMP 42 | 207.05 | 209.60 | 2.55 | 8.54 g/t | 68.50 g/t |
| Including | 207.80 | 208.45 | 0.65 | 5.13 g/t | 192.3 g/t |
| | 209.00 | 209.60 | 0.60 | 27.44 g/t | 76.0 g/t |
| |
| KMP 41 | 139.90 | 150.65 | 10.75 | 0.58 g/t | 2.67 g/t |
| | 156.60 | 158.85 | 2.25 | 4.13 g/t | 18.61 g/t |
| Including | 156.60 | 157.00 | 0.40 | 22.22 g/t | 102.10 g/t |
| |
| KMP 40 | 123.65 | 124.05 | 0.40 | 5.48 | 12.00 g/t |
| | 124.05 | 124.65 | 0.60 | 2.24 | 1.20 g/t |
| | 124.65 | 125.25 | 0.60 | 1.23 | 32.60 g/t |
| |
| | 141.00 | 141.60 | 0.60 | 2.80 | 355.40 g/t |
| | 141.60 | 142.35 | 0.75 | 0.003 | 0.50 g/t |
| | 142.35 | 142.65 | 0.30 | 1.22 | 33.00 g/t |
| |
| | 151.50 | 152.15 | 0.65 | 7.11 | 25.40 g/t |
| |
| Including | 197.60 | 202.55 | 4.95 | 2.52 g/t | 11.40 g/t |
| | 202.15 | 202.55 | 0.40 | 16.40 g/t | 40.10 g/t |
| | 207.20 | 207.60 | 0.40 | 7.90 g/t | 62.4 g/t |
| |
| KMP 39 | 150.70 | 156.20 | 5.85 | 0.59 g/t | 3.10 g/t |
| | 165.30 | 168.35 | 3.05 | 0.59 g/t | 2.20 g/t |
Jales/Gralheira Gold Property, Portugal, Resources
The Company's January 2008 resource report entitled "A Report on the Mineral Assets of the Gralheira Gold-Silver property, Portugal" prepared by Wardell Armstrong International Ltd. (WAI) of Cornwall, U.K. (available on SEDAR), estimated the following gold and silver resources at the Property:
| | | | | | | |
| | | Gold | 3.0 grams/t cut off | Silver | |
| Classification | Tonnes | g/t | Ounces | Tonnes | g/t | Ounces |
| Measured | 30,000 | 5.92 | 5,768 | 30,000 | 29.8 | 29,067 |
| Indicated | 569,000 | 5.24 | 95,825 | 569,000 | 22.8 | 417,500 |
| Measured & Indicated | 599,000 | 5.27 | 101,593 | 599,000 | 23.18 | 446,567 |
| |
| Inferred | 975,000 | 4.72 | 142,972 | 975,000 | 15.0 | 483,621 |
A Brief history of the Jales Complex.
Jales/Gralheira Gold Property covers approximately 5.1 km² located in northern Portugal. The Property includes the former producing Jales Mine that produced about 830,000 ounces of gold in ore grading up to 12.9 g/t gold between 1933 and 1992. It also covers the Gralheira Gold and Silver deposit, which has been explored by drilling, 131 drill holes (completed to a maximum depth of 511 m (metres) below surface, over a strike length of 2,700 m, underground sampling from a 350 m long adit and 200 m of crosscuts, and a TITAN24 IP/Resistivity geophysical survey.